Belfast Telegraph

'Terrific start to 2017' for Google's parent company Alphabet

Google's parent company Alphabet hailed a "terrific start" to 2017 as the technology giant reported better-than-expected financial results.

The internet company's revenue rose 22% on the same period last year to 24.7 billion dollars (£19.1bn), a figure that was also more than four billion dollars higher than analysts predicted.

The firm's net income also climbed, reaching 5.4 billion dollars (£4.1bn) compared to 4.2 billion (£3.2bn) a year ago.

Alphabet's chief financial officer Ruth Porat said: "Our excellent results represent a terrific start to 2017, with revenues up 22% versus the first quarter of 2016 and 24% on a constant currency basis.

"We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet."

Google forms the largest part of Alphabet's business, with much of the rest of the company comprising of so-called Other Bets, which includes its more ambitious projects, such as its driverless car technology business and smart thermostat firm Nest.

Other Bets revenue was up for the quarter, however that segment of the company continues to report operating loss, which Alphabet revealed was 855 million dollars (£662m) for the quarter.

Advertising revenue for Google itself increased by more than three billion to 21.4 billion dollars (£16.5bn), despite recent controversies for the internet giant over its handing of fake news and extremist content appearing on its various platforms.